SoFi Invest vs Saxo Bank

SoFi Invest vs Saxo Bank Comparison Table 2023
SoFi Invest Review 2023 Saxo Bank Review 2023
3.8

SoFi Invest is #36 in our broker rankings.

4
United States Flag Traders from US accepted
United States Flag Traders from US not accepted

SoFi Invest is an American wealth management and robo advisory service, providing equity and cryptocurrency investment portfolios with competitive fees. The firm is heavily regulated and registered with the SEC and FINRA. First launched in 2011, the firm has attracted millions of clients and various awards.

Saxo is a multi-award-winning trading brokerage, investment firm and regulated bank. With a huge 72,000+ trading instruments, plus investment products and managed portfolios, clients have no shortage of opportunities. The trusted brand also offers transparent pricing and top-tier regulatory protection from 10+ agencies including FINMA, FCA & ASIC.

66% of retail accounts lose money.
Comment by Reviewer
"SoFi Invest is a good stop for investors who want automated assistance with their stock and ETF investment decisions. The fractional shares and no minimum deposit will appeal to newer traders in particular." "Saxo is best for active traders and advanced investors with an unrivalled selection of instruments alongside premium market research and fee rebates. The 190 currency pairs with tight spreads also make Saxo great for forex traders."
Pros
  • Can be tethered to other SoFi accounts, including SoFi Loans, SoFi money accounts and SoFi credit cards
  • Robo advisors can make investments according to user-defined goals and risk appetite
  • Straightforward platform makes investing easier for beginners
  • More than 4000 US stocks and ETFs with no commission
  • Start investing in fractional shares for as little as $5
  • Access to a free on-demand financial advisor
  • Automated dividend reinvestments
  • Users can participate in IPOs
  • SEC- and FINRA-regulated
  • No minimum deposit
  • Powerful proprietary trading platforms with comprehensive charting packages and advanced analysis tools
  • High-level research hub with curated market reports, plus unique insights with 'Outrageous Predictions'
  • Excellent educational resources including podcasts, webinars and expert-led video insights
  • Access to comprehensive third-party analysis tools including TradingView and Updata
  • Highly accessible and flexible ISA account with no entry or exit fees
  • Heavily regulated and trustworthy brand based in Switzerland
  • Low fees with premium account tiers
Cons
  • Basic portfolio reports with individual investment numbers only and no charts
  • Limited order types (no stop-losses)
  • Not much data supplied for securities
  • Commissions on crypto trades
  • Only six ETFs available
  • No tax-loss harvesting
  • Long withdrawal times
  • High deposit requirements for trading accounts
  • Access to Level 2 pricing requires a subscription
  • Clients from some jurisdictions not accepted including the US and Belgium
Instruments
Stocks, Crypto, ETFs CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Futures, Options, Warrants, Crypto
Demo Account
No Yes
Minimum Deposit
$0
Trading Platforms
  • Own
  • TradingView
Payment Methods
Minimum Trade
$0 Variable
Regulator
SEC, FINRA FCA, DFSA, MAS, SFC
Margin Trading
Yes Yes
STP Account
No No
ECN Account
No Yes
DMA Account
No No
MAM Account
No No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No No
Negative Balance Protection
No No
Market Maker
No No
P2P Trading
No No
Spot Trading
Yes Yes
Mobile Apps
iOS & Android SaxoTraderGo (iOS, Android, Windows)
Auto Trading
Excel Automation via OpenAPI
Copy Trading
No No
Social Trading
Yes No
Trade Signals
Yes
VPS Hosting
No No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Islamic Account
No Yes
Account Currencies
  • USD
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • JPY
  • SEK
  • DKK
  • CHF
Stock Exchanges
Commodities
CFD Trading
CFD trading not offered Saxo Bank offers a secure and reliable way to trade 8,800+ CFDs spanning forex, stocks, indices, commodities, options and bonds. The broker's extra features include a trading academy, powerful charting and analytical tools and trading signals, helping it stand out from many alternatives.
Leverage
1:30 (Retail), 1:66 (Pro)
FTSE Spread
1.2 pts (Variable)
GBPUSD Spread
0.7 (var)
Oil Spread
0.03
Stocks Spread
0.10% (subject to min commission)
Forex Trading
Forex trading not offered With around 190 forex pairs and spot metals, 140 forwards, top-tier liquidity, fast execution and spreads from near zero, Saxo Bank offers exceptional flexibility and value to forex traders. Advanced charting from TradingView is another plus for active forex traders.
GBPUSD Spread
0.7 (varies by region)
EURUSD Spread
0.2 (varies by region)
EURGBP Spread
0.6 (varies by region)
Assets
40+
Cryptocurrency
Trade 22 cryptocurrencies including Bitcoin, Binance Coin, Uniswap and Polkadot from as little as $10, making it a good pick for beginners. The broker charges a competitive 1.25% commission on crypto trades. Saxo Bank offers BTC, ETH and LTC in CFD pairs against USD, EUR and JPY for shorter-term trades, as well as 12 funds tracking popular cryptocurrency price movements for longer-term trades.
Spread
N/A Variable
Coins
  • BTC
  • ETH
  • LTC
  • DOGE
  • ADA
  • DOT
  • ALGO
  • AAVE
  • BNT
  • BAT
  • BCH
  • LINK
  • COMP
  • ATOM
  • MANA
  • ENJ
  • ETC
  • FIL
  • MKR
  • MATIC
  • SOL
  • XLM
  • SUSHI
  • SNX
  • XTZ
  • GRT
  • UNI
  • YFI
  • BTC
  • ETH
  • LTC
  • XRP
  • XTZ
  • SOL
  • ADA
  • DOT
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
66% of retail accounts lose money.
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